RSM100 - Study Guide - Final Exam p1/3

3 Pages
Unlock Document

University of Toronto St. George
Rotman Commerce
Michael Szlachta

RSM100 – Study Guide – Final Exam Business Strategy [8] – L12-13 • Chapter 6 Managing the Business Enterprise o Corporate culture – the shared experiences, values, norms, and ethical stance that characterize an organization o Management – the process of planning, organizing, leading, and controlling an enterprise’s financial, physical, human, and information resources to achieve the organization’s goals of supplying various products and services o Planning – determining the firm’s goals and developing a strategy to achieve them o Hierarchy of Plans Strategic plans – top management; decisions about resource management, company priorities, and the steps needed to meet strategic goals Tactical plans – upper/middle management; shorter-range plans to implement specific aspects of the company’s strategic plans Operational plans – middle/lower management; short-term targets for performance o Organizing – mobilizing the resources required to complete a task o Leading (directing) – interactions between managers and their subordinates as they work towards firm objectives o Controlling – process of monitoring a firm’s performance to make sure that it is meeting its goals o Hierarchy of Managers Top managers – those responsible for a firm’s overall performance and effectiveness, and for developing long-range plans for the company Middle managers – implement decisions made by top managers First-line managers –supervise the work of employees o Areas of Management Human Resource managers – provide assistance to other managers when they are hiring employees, training them, evaluating their performance, and determining their compensation level Operations managers – responsible for the production systems that create goods and services Information managers – responsible for designing and implementing systems that gather, process, and disseminate information Marketing managers – responsible for getting products and services to buyers Financial managers – plan and oversee a firm’s financial resources o Basic Management Skills Technical skills – ability to perform specialized tasks Human relations skills – ability to understand and get along with people Conceptual skills – ability to think in the abstract, to diagnose and analyze different situations, and to see beyond the present situation Time management skills – productive use of time Decision-making skills – ability to define problems and choose the best course(s) of action o The Rational Decision-Making Process Recognize and define the situation Identify alternatives Evaluate alternatives Select the best alternative Implement the chose alternative Evaluate the results o Problem decision – a decision that is necessary when actual results do not conform to those expected o Opportunity decision – taking new initiatives of doing a current activity more effectively even if no problem exists o Organizational politics – the actions people take to get what they want o Escalation of commitment – when a manager maintain commitment to a decision even when it is clear that it was a bad decision o Strategic management – process of aligning the organization with its external environment o Strategic goals – the overall objectives that a business wants to achieve o Purposes of Goal Setting Provides direction, guidance, and motivation for all managers Helps firms allocate resources Helps to define corporate culture Helps managers assess performance o Long-term goals – goals for 5+ years o Intermediate goals – goals for 1-5 years o Short-term goals – goals for < 1 year o SMART goals – Specific, Measurable, Achievable, Relevant, and Time-framed goals o Strategy formulation – broad program for defining and meeting an organization’s goals o SWOT analysis – identifying organizational Strengths and Weaknesses (internal), and identifying environmental Opportunities and Threats (external) o Levels of Strategy Corporate-level – identifies the various businesses that a company will be in • Concentration – focusing on one product (line) • Growth – market penetration (aggressive selling in market)
More Less

Related notes for RSM100Y1

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.